If I were a Northern Rock customer I would have been withdrawing all my money and heading for the Blackhorse the minute that I heard the Intrepid Mr Branson was taking over, Richard if you want a piggy bank then go buy one from Argos like everyone else!
We all know about the Northern Rock Fiasco, did we also know that both Lloyds and Barclays are shareholders of said Rock? Both banks lost quite a bit of money, well quite a bit to us but only about one eighth of last years profits in real terms. So they didn't really lose this money it just cut their profits down somewhat.
Northern Rock is what is known as a high risk lender, and when you take risks there is the inevitable chance of an eventual fall, well not so much a fall as a slip and teeter, Northern Rocks teeter would have gone mostly unnoticed to us more ignorant of people the General Public had it not been for the sudden stance of the bank of England, which was silly really as they had always intended to lend them the money?
So what would have been backroom dealings became public knowledge and the people panicked and began taking out their life savings and rocking the boat even more, well it is only natural to want to preserve that which you have worked hard for.
Northern Rock has been unable to recover from this added blow, despite the might of its backers, so up steps the knight in shining arnour Mr Branson, whoa wait a minute, does this guy have aspirations to own England? Surely not! One cant help but wonder if he had a piggy bank when he was a child, but dont panic, as with everything else he attaches the Virgin name to, he will get bored and will then go look for something else to play with, a cable company maybe, oh wait he has done that one! And an Airline and Record shops and Record companies and credit cards, and so on and so on.
Northern Rock will be saved, it will be amalgamated into the Virgin Comapany, so in actual fact it wont be saved as it will no longer be Northern Rock but will be something more like Virgin Finance. Ah well, rest in peace Northern Rock, it was good while it lasted.













2007-12-03 @ 08:25